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EDHEC-Risk Institute Considers that the European Commission White Paper on Pensions could be Improved
October 9, 2012--EDHEC-Risk Institute has released a comprehensive new study in response to the European Commission White Paper entitled "An Agenda for Adequate, Safe and Sustainable Pensions," published on February 16th, 2012, which proposed a series of measures related to information and monitoring, European harmonisation and portability, and pension design.
In a letter addressed to Mr László Andor, European Commissioner for Employment, Social Affairs and Inclusion, on October 4, 2012, EDHEC-Risk Institute considers that the European Commission White Paper constitutes a first step but that the Commission should go further in terms of harmonisation and better take into account the specifics of the financial management of pension funds.
As such, EDHEC-Risk has highlighted three key messages from its study:
1. The current pension debate should be used by the Commission to foster increased coordination in pensions reform. When discussing the sustainability of public finance, one medium-term objective could be to recognise unfunded implicit pension commitments.
view the EDHEC study-Response to the European Commission White Paper "An Agenda for Adequate, Safe and Sustainable Pensions"
Source: EDHEC
11 eurozone states ready to launch FTT: Tax Commissioner
October 9, 2012--The EU's tax commissioner Algirdas Semeta said Tuesday that 11 eurozone states have said they support launching a financial transactions tax, indicating the controversial project can move forward.
"Four additional member states intend to join the enhanced cooperation, which means we arrive at 11," Semeta said after talks among ministers that saw four governments -- Italy, Spain, Slovakia and Estonia -- declare themselves for the tax, sources said.
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Source: EUbusiness
Eurozone Finance Ministers Launch Bailout Fund
October 8, 2012--Europe's new bailout fund is being unveiled as finance ministers from the 17-nation eurozone meet in Luxembourg, amid more gloomy indicators about Europe's economic health.
Officially called the European Stability Mechanism, the new $653-billion rescue fund aims to offer a financial buffer for ailing eurozone economies like Greece and Spain. It follows September's announcement by the European Central Bank of a bond-buying plan to ease the longstanding eurozone debt crisis.
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Source: VOA
YAPI KREDI YATIRIM MENKUL DEGERLER A.S. APPLIED FOR PUBLIC OFFERING AND LISTING OF "YAPI KREDI YATIRIM MENKUL DEGERLER A.S. S&P/IFCI TURKEY LARGE MID CAP INDEX A TYPE ETF (EQUITY INTENSIVE FUND)"
October 8, 2012--Yapı Kredi Yatırım Menkul Değerler A.Ş. applied for public offering and listing of "Yapı Kredi Yatırım Menkul Değerler A.Ş. S&P/IFCI Turkey Large
Oc Mid Cap Index A Type ETF (Equity Intensive Fund)" on October 05, 2012
Source: Istanbul Stock Exchange
New SPDR ETF launched on Xetra
October 4, 2012--A new exchange-listed equity index fund issued by SPDR (State Street Global Advisors) has been tradable on Xetra since Thursday.
ETF name: SPDR S&P 500 Low Volatility ETF
Asset class: equity index ETF
ISIN: IE00B802KR88
Total expense ratio: 0.35 percent
Distribution policy: non-distributing
Benchmark: S&P 500 Low Volatility Index
The SPDR S&P 500 Low Volatility ETF enables investors to participate for the first time in the performance of 100 companies in the S&P 500 index with the lowest volatility.
The S&P 500 Total Return Net Index is weighted according to free float market capitalisation and tracks the performance of the 500 largest US stock corporations. The index is calculated on the basis of the reinvestment of dividends and distributions after the deduction of any tax.
Source: Deutsche Boerse
ESMA publishes a list of exempted shares according to the short selling regulation
October 4, 2012--To view the list and for further details
Click here
Source: ESMA
Swiss bourse SIX determined to resist foreign merger
Too few synergies in tie-up with bigger exchange-SIX chairman
SIX intends to sell remainder of Deutsche Boerse shares
October 3, 2012--The Swiss bourse SIX said it had no interest in being taken over by Deutsche Boerse and told its northern neighbour it had the unanimous backing of shareholders to resist a move that made no business sense.
"We want to remain independent," Peter Gomez, chairman of SIX's supervisory board, told journalists on Wednesday.
He said SIX decided a month ago - after a year-long investigation - that a merger with a bigger exchange would not help control costs through economies of scale.
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Source: Reuters
Eurozone slumps as France offsets German improvement
October 3, 2012--Eurozone private sector business activity remained firmly stuck in the doldrums in September, with the key services sector suffering a very sharp fall, a survey showed Wednesday.
The closely-watched Composite Purchasing Managers Index (PMI), a survey of 5,000 eurozone businesses compiled by Markit research firm, came in at 46.1 for September, up from an initial reading of 45.9 but down from 46.3 in August.
The survey put services alone at 46.1 in September, better than the preliminary estimate of 46 but well short of 47.2 in August, with the sector downturn accelerating to the fastest pace since July 2009, Markit said.
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Source: EUbusiness
EU single market reforms to boost growth: Barnier
Ocober 3, 2012--Reforms of the EU single market could spark growth of up to four percentage points, Internal Markets Commissioner Michel Barnier said Wednesday.
Outlining proposals adopted by the European Commission, Barnier said that combined, they "could generate two to four percentage points of growth" in time, an enormous achievement especially given the current economic slump.
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Source: EUbusiness
U.K. Bond Managers Adjust To Asset Growth
U.K. fixed-income managers have responded with differing tactics to the continuing growth in assets under management, according to S&P Capital IQ's latest sector trends paper.
October 3, 2012--UK fixed income managers have responded with differing tactics to the continuing growth in assets under management,
says S&P Capital IQ in its latest sector trends paper, available at www.marketscopeadvisor.com
Assets under management continue to grow as investors search for yield in an environment of low interest rates. According to IMA data, UK fixed income assets have increased by around 11.5% annually in the period from June 2009 to June 2012.
One of the major beneficiaries has been M&G - Richard Woolnough's Strategic Corporate Bond and Corporate Bond funds held £5.16bn and £6.31bn, respectively, as at the end of June. In the summer, Woolnough became concerned that further asset growth would start to limit his ability to manage the portfolios most effectively. However, he was not concerned about liquidity; he was more concerned with the ability to add value through stock selection. M&G has tried to limit flows into these funds by persuasion rather than closing the vehicles.
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Source: Mondovisione
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